Elliott Wave Analysis: GBPUSD Can Go Bullish Berserk From 1.250!
Higher degree trend is bearish on GBPUSD, but price activity since December 2018 is overlapping, thus corrective. We are observing a three-wave correction (A)-B)-C)) in progress from the lows, with price currently unfolding start of leg C), that can be in motion from the 1.248 region. A sharp rally and a break above the upper corrective channel line (connected from March highs) would confirm a completed wave B), and wave C) in play.
In case we see a bearish continuation from current levels, and below the current low, then we would regard higher degree wave II as already completed.
GBPUSD, Daily
On the 4h chart of GBPUSD, we see price rising, now trading above the upper Elliott wave channel line, which is connected from 1.3177 high. Current rally from the 1.250 level can be strong evidence that a low for wave C/3 had been found, and that a change in trend, in minimum three legs is in progress. We labelled wave a/i, which found resistance at the 1.2784 level, from where a minor pullback started to develop; wave b/ii with possible support near the 1.264/1.261 region.
GBPUSD, 4h
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